As I slowly creep towards a simplified personal finance system, I take aim at an account that has treated me fairly well over the years – my Dollar Savings Direct high yield savings account . Dollar Savings Direct used to have extremely good rates back in the day but the years have not been kind to the online arm of the NY-based Emigrant Bank. It’s taken me this long to close the account because I had a pair of 16-month CDs waiting to mature (the last of which matured this month) and it was only a matter of time before the account got the axe.
Closing an account at Dollar Savings Direct can be completed entirely online, though their website doesn’t explain how, and is pain-free. (as an aside, their customer service number goes directly to a human being, so calling is easy too but you can’t close an account over the phone)
How to Close a Dollar Savings Direct Account
- Transfer all of your funds out of the account into your transfer account. I waited to close until my CDs matured so I wouldn’t take an interest penalty (and they were paying a healthy interest rate). Once the funds are transfered, you need to email customer service.
- Click on the Customer Service tab (at the top), and compile a new message.
- Select any one of the subject choices, it doesn’t matter, and write a message indicating your desire to close the account. I put simply – “I would like to close all my accounts. Regards, Jim”
- For account, choose the savings account (my CDs are shown in the list but the accounts were already closed) and send the message.
You should get a response shortly indicating your account closing. That’s it!